According to reports, Michelin tires have recently announced that in order to ease the overcapacity in the European region, the company will cut 730 employees at a heavy truck tire factory in France.
Michelin plans to terminate production of heavy-duty truck tires at the Joue-les-Tours plant by the first half of 2015 and cut 730 of its 930 employees, while the remaining 200 will be employed in non-production positions. In addition, the company plans to sell its heavy truck tire business in Algeria.
The Michelin CEO Jean-Dominique Senard said last month that the capacity utilization rate of the Michelin European Truck Tire Plant has been reduced to 50% to 60% due to the continuing sluggish market demand. Passenger car and light truck tire factories The capacity utilization rate is only 70%. In order to solve this problem, Michelin is seeking to increase its growth outside Europe and expand its tire product range for large vehicles such as mining equipment.
In addition, Michelin also announced that it will invest EUR 800 million in France by 2019. As part of this project, the company will spend EUR 145 million to expand two engineering tire factories to increase its production capacity by 30% to 40%. The tires produced at the two factories are mainly used for bulldozers and other engineering equipment. The company also plans to spend 220 million euros to upgrade its R&D center in Clermont-Ferrand.
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